Reference no: EM132684540

Problem - Entries and schedules for unfinished jobs and completed jobs

Sinatra Industries, Inc., uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations:

a. Materials purchased on account, $32,760.

b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$3,290	$3,080
302	$3,290	4,160
303	2,660	2,080
304	9,030	7,640
305	5,740	5,810
306	4,170	3,710
For general factory use	1,200	4,550

c. Factory overhead costs incurred on account, $6,300.

d. Depreciation of machinery and equipment, $2,200.

e. The factory overhead rate is $58 per machine hour. Machine hours used:

Job	Machine Hours
301	26
302	38
303	30
304	80
305	40
306	26
Total	240

f. Jobs completed: 301, 302, 303, and 305.

g. Jobs were shipped and customers were billed as follows: Job 301, $9,150; Job 302, $12,350; Job 303, $16,600.

Required -

1. Journalize the entries to record the summarized operations.

2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memo account balances as of the end of the month.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.